Carragher, speaking to Liverpool's official website, said: "Over the last couple of years we have qualified and I think we all know what's at stake in terms of the revenue the competition brings to the club.
"If we're in that competition then we can attract even better players to further improve the squad and that in turn might help us get closer to winning the league. It's very important from that point of view. Never mind actually playing and competing in the tournament, just being in it will help us bring more quality players to the club."